ISLAMABAD - Economic Coordination Committee (ECC) of Cabinet would meet here on today with stock of issues including upcoming International Monetary Fund review starting February 17 in Dubai, besides reviewing petroleum pricing mechanism. According to well-placed sources, Finance Ministry will inform the ECC that IMF will not allow the government to cut interest rates until the core inflation goes down to 15 per cent. Core inflation accordingly to the central bank's chief had a fractional fall in December as again November 2008. The sources said that core inflation had remained stubborn resisting downward correction. Therefore, it was unlikely to go down before the end of current quarter, ending on March 31, to the desired level enabling the cut in interest rates, they added. However, the sources rushed to add that the inflation hike had reached the point of time around January when it had started taking off last year. Thus, recordings of February and March would really matter in terms of bringing down the core inflation having fiscal discipline maintained otherwise. The sources told TheNation that the government would not wait until July to review the interest rates and would bring them down as soon as the inflation eases down by at least three percentiles from the current level of 18.8 per cent. Syed Saleem Raza, the new Governor of the State Bank, has already announced in his maiden press conference the other day that the central bank would be reviewing monetary policy quarterly as against six months. This clearly implies that the interest rates could witness downward revision not earlier than April when the central bank would review its policy for current quarter ending on March 31. That, however, would not be possible unless inflation comes down to 15 per cent by then or the government otherwise convinces the IMF mission starting review on February 17 in Dubai, the sources maintained. The sources revealed that the government had been piling up its account of Petroleum Development Levy in a bid to make up against both devaluation and inflationary pressures. That is why the government didn't pass on fully the benefit of massive dip in the international crude oil from its lifetime peak of $147 a barrel to less than $40 a barrel before getting stable around $50 a barrel. Meanwhile, the sources said that the ECC would also discuss the petroleum pricing mechanism vis-a-vis production and exploration policy. That is why the sources said the ECC had asked the Petroleum Ministry to submit in its meeting on Tuesday record of petroleum concession agreements during the last 20 years. The ECC would also take up the modified proposal of the Economic Affairs Division on the recovery of foreign currency loans. The ECC during its last meeting had directed the EAD to refresh its proposal regarding the loans' recovery after taking input from the technical committee appointed under Minister for Kashmir Affairs.